Simon Property Group and American Express Team up to Create the Simon American Express(R) Giftcard

Simon Property Group (NYSE:SPG), which markets the nations largest bank-issued gift card program, and American Express (NYSE: AXP), the nations largest issuer of open-system gift cards, announced today that they have joined forces to introduce the Simon American Express Giftcard, an open-system gift card, just in time for the 2007 holiday shopping season.

We are excited to team up with American Express to create a gift card product that will be of particular appeal to our affluent customer and will complement our existing arsenal of popular prepaid options, said Stewart A. Stockdale, Simons chief marketing officer and president of Simon Brand Ventures, the companys business-to-consumer arm.

Initially and as part of a broader relationship, the cards will be offered beginning in November at four Florida malls: Dadeland Mall (Miami), Miami International Mall, Florida Mall (Orlando), and Town Center at Boca Raton.

"Simon malls are synonymous with premium retail, and were delighted at this alliance involving two leaders in the open-loop gift card industry, said Stefan Happ, general manager, American Express Gift Card. "This new relationship will extend our reach within high traffic, top quality retail environments.

The card, which will bear the Simon and American Express logos, will be available in any denomination from $20 to $500. If the card is lost or stolen, the unused balance can be refunded or replaced.*

The Simon American Express Giftcard may be used at U.S. retailers and restaurants that accept the American Express Card.

About American Express

American Express Company (www.americanexpress.com) is a leading global payments, network and travel company founded in 1850.

American Express is a leader in consumer prepaid products. In addition to the 116-year old American Express Travelers Cheque - the preeminent brand welcomed worldwide - the Company issues other prepaid products including Cheques for Two, Gift Cards, Gift Cheques, and a range of corporate incentive prepaid products through American Express Incentive Services, a joint venture with Maritz Inc.

About Simon Property Group

Simon Property Group, Inc. is an S&P 500 company and the largest public U.S. real estate company. Simon is a fully integrated real estate company which operates from five retail real estate platforms: regional malls, Premium Outlet Centers®, The Mills®, community/lifestyle centers and international properties. It currently owns or has an interest in 378 properties comprising 257 million square feet of gross leasable area in North America, Europe and Asia. The Company is headquartered in Indianapolis, Indiana and employs more than 5,000 people worldwide. Simon Property Group, Inc. is publicly traded on the NYSE under the symbol SPG. For further information, visit the Company's website at www.simon.com.

About Simon Brand Ventures

Simon Brand Ventures (SBV), Simon's business-to-consumer arm, is pioneering the transformation of shopping centers into a medium where consumer brands can build relationships with Simon shoppers who make over 2.8 billion visits each year. Simon's vast franchise of market-leading shopping centers nationwide provides SBV the foundation to monetize the distribution system through numerous consumer ventures. SBV has engaged in a number of consumer business initiatives, including Simon Giftcards; launch of Simon platform programs such as Simon DTour Live®, Simon Kidgits Club® and Simon Super Chefs Live!®; a national media delivery channel including static, digital and experiential marketing and advertising vehicles, including the OnSpot Digital Network; and multiple national and local marketing alliances with Coca-Cola and Cingular Wireless, among others.

* Terms and conditions apply to gift cards. Subject to applicable law, a monthly administrative fee of $2.50 is waived for the initial 12 months after purchase. A $5 replacement fee may apply if a Gift Card is lost or stolen. American Express Gift Cards are not for use at car rental, cruise lines, casinos or ATMs.

Contacts:

American Express
Robert A. Sherman, 212-640-6221
robert.a.sherman@aexp.com
or
Simon Property Group
Billie J. Scott, 317-263-7148
bscott@simon.com

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